I also think they need to take a leaf out of WCW's book since they can't take a leaf out of WWE's book seeing as WWE is beyond them as far as emulation goes. WCW at their worst is better than TNA at their best. So to address that balance what I would do is, if I was TNA, look at what WCW did right and do it even better and to groom their own talent from the Indies and elsewhere.
It has worked Ethan Carter and Bram prove that taking talent that the WWE have missed or deems below them and turning them into top main-event talent DOES work. Though you can't rely totally on that. There is a greater chance of failure. You know nothing about what the up and coming talent can or can't do. You don't know how they will turn out. At least with proven former WWE talent you get an established talent fans know about who will come and see them. The British Bootcamp show is another great and for me innovative way of taping into the world of the unknown's. Dave Mastiff looks brilliant. I love him. I hope he wins. Looks another Bam Bam Bigelow.. I don't like the way he secretly bullies Grado though. In the last episode Grado said he thought he could go to Dave with good advice but Dave takes advantage of that to give him all the wrong advice. Putting down feelers in the UK that establishes that as a talent pool is very good I think.
I think the Hardcore scene in TNA can be used well. That is something the sometimes tepid WWE has never done. It didn't even do it in the Monday night war with WCW. They did a lot of things which gave it the ratings advantage over WCW like create DX, The Rock, Steve Austin and they involved women in the front-line where the Nitro Girls were just a filler. They introduced talent like Sable, Trish Stratus, Chyna and others. But they never introduced a hardcore section. They had talent like Hardcore Holly who came from Bob"Sparkplug"Holly and The British Bulldog proves all you have to do to be classed as a Hardcore wrestler is wear jeans. We never actually saw any nails or barbed-wire. They never bled like we saw in ECW. Bram, Abyss and Tommy Dreamer have brought that to TNA which they can use as a niche to get one over on WWE.
TNA may be down but they are not out.